What to know:
- Bitcoin, ether, solana, cardano, and XRP have decided to play a game of “who can lose the most” after Sunday’s Trump-tastic gains. 🎢
- Crypto stocks are retreating faster than my willpower at an all-you-can-eat buffet. 🍕
- Some analysts are questioning if cheering for Trump’s crypto policy is the new “I love pineapple on pizza” debate. 🍍🍕
So, President Trump kicked off the mother of all short squeezes on Sunday with his crypto reserve post, but guess what? Gains are reversing faster than a bad haircut on a Monday morning. 💇♂️
Bitcoin (BTC) has slipped about 5% in the past hour, now trading at $89,500. It’s still up from the $85,000 area before Trump’s social media post, but down from a dizzying high of $95,000. Talk about a rollercoaster! 🎢
The other cryptos mentioned by Trump – ether, solana, XRP, and cardano – are still higher from Sunday, but they’ve also given back a sizable chunk of their gains. It’s like watching your favorite show get canceled after one season. 📺
“Nothing new here,” wrote Arthur Hayes about Trump’s crypto reserve posting. “Just words. Let me know when they get congressional approval to borrow money or revalue the gold price higher. Without that, they have no money to buy bitcoins and, well, you know, shitcoins.” 💩
Also not feeling the love was Lekker Capital CIO Quinn Thompson, who has been nailing the bear move in crypto like a pro. “If you’re in crypto and cheering this, I don’t know what to tell you,” said Thompson on Sunday. “Legitimizing two of the largest grifts in the industry? Not a good look, folks. Blame it on ignorance, misinformation, or just being bought, but this ain’t it.” 🙄
“Trump admin about to give crypto traders the 10th sell the news opportunity of the year,” he added. Because who doesn’t love a good sell-off? 🤑
Crypto-related stocks are also in the process of giving back big early gains, including Coinbase (COIN), Strategy (MSTR), Semler Scientific (SMLR), and Hut 8 (HUT). It’s like watching your investments go on a diet—losing weight but not in a good way! 🏋️♂️
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2025-03-03 19:02